Recently released data indicates many house owners sought out a remortgage prior to the official announcement of the hike in the base interest rate. The Intermediary Mortgage Lenders Association’s Mortgage Market Tracker made the figures public after lenders reported demand for remortgage in the months leading up to the hike. Almost 80% of brokers noted a higher demand for 5-year fixed loans during the first six months of the year. More than 65% of all lenders experienced the same.

The Bank of England officially raised the base interest rate at this time last week which was the first hike in the span of a decade. The central bank indicated it would more than likely be increasing the rate to help curb the inflation rate which ballooned to 3% during the month of September.

Many homeowners were sitting on the fence in regard to remortgage prior to the beginning of the year. Uncertainty following the Brexit vote created questions about big decisions like putting the home on the market for sale or purchasing a property. That uncertainty turned around according to the figures from the first six months.

Homeowners remortgaged in huge numbers during the beginning of the year, and the demand has continued all the way to the hike of last week. Many property owners have obtained a fixed rate product ranging in maturity of two to ten years.

Remortgage activity is expected to remain strong for the coming months according to housing experts. With low interest rates still available on a wide range of products, many house owners are likely to find attractive deals with many lenders.